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  • USD/JPY strengthening during trade, adding to an impressive run for the Dollar/Yen pair in 2021 https://t.co/xHRuS8D2i0
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: -0.21% Oil - US Crude: -0.21% Gold: -1.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4hoyPt34ex
  • The latest CFTC positioning data for the week ending March 2nd saw speculators continue to unwind their US Dollar net shorts. Get your market update from @JMcQueenFX here:https://t.co/S3Kx4OBphE https://t.co/fejOV0AXYv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/klgOuNPYtk
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
Webinar: USD Majors Facing Key Inflection Zones- Euro, Gold in Focus

Webinar: USD Majors Facing Key Inflection Zones- Euro, Gold in Focus

Michael Boutros, Strategist

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Remains on the Defensive Post-Jackson Hole

The US Dollar Index (DXY) has remained on the defensive into the start of the week with the majors stretching into key inflection zones across the board. While the medium-term outlook remains weighted to the downside in the greenback, prices may be vulnerable near-term with a pullback to offer more favorable entries this week. Here are the levels that matter this week.

Key Levels in Focus

DXY – Look for initial support at 94.92/96 – break lower targets monthly open support at 94.56. Resistance at 95.70s.

EUR/USD – Initial support 1.1570, bullish invalidation 1.1510- Key resistance 1.1660/70- breach targets 1.1750.

USD/JPY – Focus on possible support at 110.60/80 (near-term bullish invalidation) – key resistance still 111.40/48.

Gold - Looking for a stretch into resistance at 1214/15- constructive while above 1195. Topside breach targets 1223.

Why does the average trader lose? Avoid these Mistakes in your trading

Highlighting this week’s economic calendar will be the second read on US 2Q GDP and the Personal Consumption Expenditure (PCE- the Fed’s preferred inflationary gauge) on Thursday. Canada 2Q GDP and Eurozone CPI are also on tap this week and may offer further volatility in the respective pairs. Keep your eyes on the headlines as the tariff skirmish continues with news wires reporting a deal is forthcoming regarding NAFTA (specifically Mexico) early in the week.

In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, USD/JPY, USD/CHF, Gold, NZD/USD, AUD/USD, AUD/NZD, Crude, USD/CAD, SPX, and NASDAQ.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

https://www.dailyfx.com/calendar?ref=SubNav?ref-author=Boutros

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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